HomeMy WebLinkAboutCity Council Resolution 2005-201CITY OF PLYMOUTH
RESOLUTION NO. 2005-201
FINAL RELEASE OF FINANCIAL GUARANTEE
CORNERSTONE COMMONS ADDITION (98094)
WHEREAS, in accordance with the development contract dated November 30, 1998, Elim Care Foundation
and Rottland Company Inc., developers of Cornerstone Commons Addition (98094), have agreed to install
certain improvements for said development; and
WHEREAS, the developer has completed the street, utility and site grading as noted below; and
WHEREAS, the developer has requested a release of the required financial guarantee to reflect the
completed work;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA; that the financial guarantee requirements are reduced as follows:
That the required financial guarantee for the above items be reduced as detailed above from $54,273 to $0
(zero) to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be released by
the Finance Department.
ORIGINAL
CURRENT
NEW
ITEM
AMOUNT
AMOUNT
AMOUNT
Street Constriction
$ 320,564
$ -0-
$ -0-
Sanitary Sewer
152,461
-0-
-0-
Watermain
119,017
-0-
-0-
Storm Sewer
226,813
-0-
-0-
Boulevard and Drainage Swale Sod
10,400
-0-
-0-
Wetland Enhancement
244,437
-0-
-0-
Mitigation Pond Constriction
96,917
48,458
-0-
Weir Stricture at Highway 455
25,000
-0-
-0-
N[_]RP Pond Constriction
44,682
-0-
-0-
Street Signs (3 x 200)
600
-0-
-0-
Site Grading and Drainage Improvements
673,712
-0-
-0-
Park and Trail Improvements
-0-
-0-
-0-
Setting Iron Monuments
3,250
-0-
-0-
Design, Administration, Inspection, As-Builts
230,142
5,815
-0-
TOTAL
$ 2,147,995
$ 54,273
$ -0-
That the required financial guarantee for the above items be reduced as detailed above from $54,273 to $0
(zero) to reflect the completed work. Subdivision Bond Numbers 137194 and 136007 may be released by
the Finance Department.
RESOLUTION NO. 2005-201
CORNERSTONE COMMONS ADDITION (98094)
Page Two
FURTHER BE IT RESOLVED that the financial guarantee requirements for the following items per Section
8.1 of the approved development contract remain as follows:
ORIGINAL CURRENT
ITEM AMOUNT AMOUNT
Maintenance of Erosion and Sediment
Control Plan, Street Sweeping, and Storm
Sewer Cleaning
Cash: $ 1,000
Letters of Credit Nos. 1332 and 504: $ 95,000
Adopted by the City Council on May 24, 2005.
$-0-
$-0-
Adopted
-0-
$-0-